Today, Dubai is a sought-after business and commercial hub for many startup establishments. For example, the emirate is among the world’s fastest growing and most exciting hospitality markets. The World Expo 2020 on Dubai’s horizon will place the country at the center of the international stage, so now it’s a great time to setup a business, connect and engage in networking to help pioneer new partnerships. Millions of visitors are expected over six months during the time, apart from the normal tourist that each year that visit Dubai.
Free Trade Zones are designed for boosting international business; they are places where it’s possible for foreign investors to open a company without too many bureaucratical hurdles, no taxes, no customs, and freedom on many business aspects, from hiring to movement of cash.
FTZs hold great significance and importance in the UAE, as they channel fresh investments in the UAE market. The processes linked to opening a business in a Free zone are not lengthy and, thanks to specialized companies can be dealt with even from abroad. From making FTZ operating licenses, visa application & residence permit and banking, for example, companies have come to rely on businesses like VirtuZone, a company specializing in the creation of licenses in Free Zone and out.
Why setup a business in Dubai’s FTZ? Simply to have access to an incredible commercial hub with great position within the global economy and without additional red tape headaches and costs. A place to move goods and create services without any interventions of customs and lengthy paperwork.
Of course, this is not a solution for everyone. Investors who are planning to interact with UAE territory outside the Free Zone (construction companies, restaurants, etc…) will need to setup their business through traditional channels. In a Free Zone, a company is not allowed to trade directly with UAE market and can undertake the local business only through the locally appointed distributors. For anybody else, FTZs are the answer.
In addition to Dubai’s FTZ, there are other emirates that provide 100% foreign ownership and have no taxes—see the list of free trade zones in UAE. For example, the emirate of Ras Al Khaimah (RAK) FTZ has been the gateway to emerging markets and is an ideal place to set up an enterprise; or else in Free Zones in Abu Dhabi “to create business service opportunities in the region that will [unquestionably] suit every investor according to their specific requirements.”
DubaiBlog is Digital Media Partner of VirtuZone, official agent of the Fujairah Free Zone; if interested we can assist with identifying the best options for any business need.
Please contact us to find out more about this opportunity.
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